An entity managed by Omaha-based Paul G. Smith Associates has acquired property in downtown Des Moines that includes a 12-story building occupied by the Surety Hotel, Polk County real estate records show.

PGSAH Des Moines LLC, managed by the Omaha group, paid Aparium Hotel Group $31.6 million for the property at 206 Sixth Ave. (pictured) in a transaction that was recorded Sept. 18.

Aparium Hotel Group, based in Chicago, bought the property in 2017. At one time, the structure – originally known as the Hippee Building – was Des Moines’ tallest building. Built in 1913, the Hippee Building housed finance-related businesses, including the Southern Surety Co., which occupied the structure for more than 20 years. The building was purchased in 1947 by Des Moines Building-Savings and Loan, which, after a rebranding in the 1980s, called the property the Midland Building.

After its purchase by the Aparium Hotel Group, the building underwent a $40 million renovation that included preserving historic features like its 12-story main staircase and an ornate mail chute. The renovation took over two years to complete. The 137-room hotel and companion restaurant and bar opened in November 2020.

The property is valued at $8.7 million.

Paul G. Smith Associates manages more than $500 million in assets including three hotel properties, according to its website. In addition to the Surety Hotel, the group owns the Elliot Park Hotel in Minneapolis and the Omaha Marriott Downtown Hotel in the Capitol District.

In other transactions:

123 E Walnut LLC, an investment group with offices in Ohio, paid U.S. General Services Administration $2.6 million for property at 107 and 123 E. Walnut St. in Des Moines, records show. The 1.6-acre parcel includes the 66,765-square-foot historic U.S. federal courthouse whose construction was completed in 1929. The courthouse is on the National Register of Historic Places, and is one of seven public buildings constructed along the Des Moines River in the early 1900s. It previously housed offices of the U.S. District Court for the Southern District of Iowa, which have relocated to a newly constructed building at 111 Locust St. The GSA, which manages the government’s properties, regularly holds online and other auctions to sell excess property. The limited liability company that bought the historic courthouse property has offices in Richfield, Ohio. Brian Seidensticker, who organized the limited liability company, is a founding partner of Last Best Partners LLC, a venture capital firm that also lists its offices in Richfield, Ohio. The transaction was recorded Sept. 16.

Goldman Properties LLC, located in Grimes, paid the Terry Orr Revocable Family Trust just over $1 million for property at 4200 SE Capitol Circle in Grimes, records show. The 2.1-acre parcel includes a 12,000-square-foot metal warehouse built in 1978. The property is valued at $845,000. The transaction was recorded Sept. 16.

JDC HV SPE LLC, based in West Des Moines, paid Hy-Vee Inc. $19.4 million for property at 8701 Douglas Ave. in Urbandale, records show. The property includes a 94,467-square-foot Hy-Vee grocery store built in 2012. In August 2024, officials asked Urbandale’s Planning and Zoning Commission to replat the property, separating the grocery store from the convenience store. Randy Downs, an official with Hy-Vee, said the move could make it easier to do a leaseback arrangement, according to commission minutes. The property is valued at $13 million. The transaction was recorded Sept. 16.

Elsie Rae Holdings LLC, based in Rhodes, Iowa, paid 19Miehe LLC $3 million for property at 1889 SE Miehe Drive in Grimes, records show. The 2.56-acre parcel includes 42,446 square feet of warehouse and office space. The property is valued at $3.1 million. The transaction was recorded Sept. 16.

Sean and Heidi Thompson paid Mark and Melanie Burkhart $1.1 million for property at 9003 NW 73rd Place in Johnston, records show. The property includes a 2,426-square-foot house built in 2012. The transaction was recorded Sept. 16.